Startup Britishvolt could allegedly enter into administration as the firm failed to find project investors.
Two weeks ago, ELN reported that the company behind the development of what is described as the UK’s first gigafactory was holding emergency fundraising talks with car manufacturers and other investors to secure its future.
Britishvolt was expected to receive £100 million in government support but has reportedly not yet received this.
The company plans to build a £2.6 billion electric vehicle battery gigaplant in Blyth, Northumberland.
Today, the Guardian cited two sources with knowledge of Britishvolt’s operations that stressed that the company could announce an administration as soon as Monday.
A Britishvolt spokesperson told ELN: “We are aware of the speculation. We are actively working on several potential scenarios that offer the required stability for our business but have nothing further to add at this time.”
ELN has approached BEIS for comment.